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Novacyt Raises €9.7M

NEW YORK (360Dx) – Diagnostics firm Novacyt today announced it has raised €9.7 million ($11.4 million).

The company raised €4.7 million through a conditional placement of almost 7.1 million shares, and €5.0 million through an unconditional direct subscription of nearly 7.7 million shares. Both had an issue price of 59.38 pence per share.

New UK institutional investors and new and current French institutional investors participated in the raise, Novacyt said.

The company also announced the publication of its AIM admission document and its intention for dual-listing by applying for admission of its issued and to-be-listed shares for trading on the AIM, a market operated by the London Stock Exchange

The shares from the €4.7 million conditional placement are expected to be issued on Nov. 1, with AIM admission taking effect on that date, Novacyt said. The €5.0 million first tranche of subscription shares has been unconditionally issued, and admission of the shares are expected to take effect on Oct. 19 on the Euronext Growth Paris exchange.

Novacyt plans to use the funds to invest in additional manufacturing capacity, expand its commercial infrastructure, and invest in R&D to obtain CE-IVD approval for selected Primerdesign assays. Proceeds will also go toward general corporate purposes, including repayment of debt, and the satisfaction of contingent considerations associated with its purchase of Primerdesign.

The company raised €3 million in private financing in June.